Glu Mobile Inc. shares dropped more than 20% in after-hours trading Thursday, after the mobile-game publisher slashed its annual forecast. Glu reported net income of $2.5 million, or 2 cents a share, on sales of $95.5 million, up from $90.2 million. Glu reported bookings, a more inclusive revenue metric, of $101.9 million, all of which was roughly in line with guidance and analysts' expectations. But Glu also sharply decreased its annual bookings guidance, to a range of $406 million to $410 million after previously projecting $445 million to $455 million. "We revised our annual guidance primarily to reflect the timing of new launches, contribution from newly launched titles and incremental UA investment to take advantage of favorable ROI opportunities," Chief Financial Officer Eric Ludwig said in a release. Shares, already down 6% this year, fell more than 22% in after-hours trading.

Glu Mobile Inc.

Glu Mobile, Inc. designs, markets and sells mobile games. It specializes in free-to-play mobile games designed to a section of users who download and make purchases games through direct-to-consumer digital storefronts, such as the Apple App Store, Google Play Store, Amazon Appstore and others. It operates through the following geographical segments: United States of America, Americas excluding United States of America; Europe, the Middle East, and Africa; and Asia Pacific. The company was founded by Paul Zuzelo in May 2001 and is headquartered in San Francisco, CA.
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